Boat Rental Market Forecasts to 2028 – Global Analysis By Boat Size (Up to 20 Feet, 21 To 35 Feet and Above 36 To 50 Feet), Technology (Assistance Systems, Connected Systems and Other Technologies), Propulsion Type (Fuel-powered Boats, Sail Boats and Othe

Boat Rental Market Forecasts to 2028 – Global Analysis By Boat Size (Up to 20 Feet, 21 To 35 Feet and Above 36 To 50 Feet), Technology (Assistance Systems, Connected Systems and Other Technologies), Propulsion Type (Fuel-powered Boats, Sail Boats and Other Propulsion Types), Boat Class (Entry, Sports and Luxury), Business Model, Power Source and Geography

According to Stratistics MRC, the Global Boat Rental Market is accounted for $19.60 billion in 2022 and is expected to reach $30.59 billion by 2028 growing at a CAGR of 7.7% during the forecast period. Boat rental is the practise of renting a boat for an exciting vacation or for business purposes. Furthermore, boat owners frequently rent or lease their boats when they are not in use in order to recover some of the costs associated with maintenance. Boat leasing is a low-cost option that addresses the growing public interest in sailing without requiring a significant initial commitment. Boat or yacht rental companies provide fuelled or unfuelled yachts or boats, with or without a crew, depending on the needs of the customer.

According to the 2017 study of EC (European Commission) on the tourist business in the European waters, 60,000 chartered boats out of the 6 million yachts generate USD 6,819.15 million yearly turnover.

Market Dynamics:

Driver:

Growth in marine tourism industry across the globe

Maritime tourism refers to sea-based tourist activities such as boating, cruise, yachting, and nautical sports. Customers' rising per capita incomes, as well as their expanding interest in marine tourism and luxury hobbies such as sailing, are predicted to propel the worldwide boat rental market forward. Recreational boating has expanded in popularity in recent years, which has boosted industrial growth. All of these factors contribute to market expansion. Several government initiatives and programmes are being launched to promote marine tourism, which is expected to drive market growth.

Restraint:

High cost of boats and higher taxation on renting boats

The cost of hiring a boat is affected by a number of factors, including trip location, boat type, inter- and intra-border taxes, and cover charges. As a result, rental boats are available at various pricing points. Boat rentals can range from USD 10,000 per week for monohulls and smaller sailboats to well over USD 200,000 per week for ultra-luxurious motor mega yachts. Furthermore, other hidden charges and duties, such as VAT, allowances, insurance, and crew gratuity, account for 15% to 30% of the initial charge. As a result of these fees, many customers in underdeveloped nations have challenges, thus limiting industry expansion.

Opportunity:

Increase in the number of private islands

A number of ship manufacturers have made investments in independent islands, enabling boat rental businesses to offer their clients upscale beach activities. For example, the largest private island in the Caribbean paradise, Little Ragged Island, popularly known as St Andrew's, was listed for sale in March 2021. A 10-minute boat ride to nearby Ragged Island, where deep water access for large ships awaits, connects this remote wonderland to the rest of the world. As a result, growing participation from the wealthy, along with an expansion in hospitality services, is expected to drive market growth in the next years.

Threat:

Environmental concerns associated with boating

Boating can impact the environment in numerous ways, including air & water pollution, habitat disturbance, trash & other marine debris, sewage disposal, and human & pet waste. In addition, boat engines have been identified as a source of air pollution while older marine engines have an impact on water quality. Moreover, fuel & oil spills and refuelling spills leak volatile organic compounds (VOCs) directly into aquatic ecosystems. Thus, various government authorities across the globe are regulating and restricting recreational boating and boat rental services in several coastal areas to protect the marine life. Therefore, such environmental concerns associated with boating are expected to hamper the boat rental market growth.

Covid-19 Impact

The COVID-19 outbreak had a significant impact on the boat rental business. Due to the strict social distance rules imposed by the global lockdown, market growth potential for boat rental has been substantially reduced. Following the partial removal of COVID-19 lockdown restrictions, an increasing number of people are renting boats to enjoy their leisure while conforming to social distance requirements. Government relaxations of lockout regulations aided the financial expansion of the market. As more rental facilities reopen, more people are opting for direct consumer-to-owner rentals. As a result, once the lockdown restrictions are lifted, the market is anticipated to recover.

The 21 to 35 segment is expected to be the largest during the forecast period

The 21 to 35 segment is estimated to have a lucrative growth. Many boats with lengths ranging from 26 to 35 feet are mostly employed for personal reasons. The impact can be linked to a variety of factors, including reasonable prices and low maintenance charges, minimal mooring expenses, and anchoring capabilities in shallow waters, making it the preferred choice for end-users. Also, 21 to 35 foot boat can typically handle most boating activities such as offshore fishing, cruising and more.

The luxury segment is expected to have the highest CAGR during the forecast period

The luxury segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growing interest in luxury sailing, particularly among the world’s wealthy. Exploring new tourist spots that provide luxury cruises has attracted both the wealthy and the general population to travel throughout the world. Furthermore, by adding premium services such as internet access, bars, and restaurants, the companies hope to provide their consumers with greater comfort and longer luxury cruises. This is anticipated to boost the luxury yachting industry.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period owing to the region’s abundance of tourism locations. Spain and Italy are significant revenue producers. This region holds the majority of boat rental start-ups. Furthermore, the expanding popularity of fishing and water sports, as well as the presence of high net worth individuals, are likely to boost the development opportunities for the European Boat Rental Market throughout the forecast period. Additionally, numerous beneficial government programs have been established by India and China to develop marine tourism. This is expected to fuel market expansion.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to numerous cruising destinations sanctified with a diverse coastline. Because of its central location for boat rental, the United States ranks first in this region. Furthermore, increased public spending on water sports activities and leisure tourism is driving market expansion in the region. Globalization is propelling market expansion in the region even further.

Key players in the market

Some of the key players profiled in the Boat Rental Market include GetMyBoat, Inc., Boatjump SL, Boatsetter, Boatbureau, Ocean Serenity, GlobeSailor, Yachtico Inc., Click&Boat, YANMAR Marine International, Zizooboats GmbH, Odyssey Boats, Sailo Inc., West Coast Marine, Le Boat, Nautal Smart Sailing S.L. and Blue Boat Yacht Entertainment Company

Key Developments:

In February 2022, Yanmar Holdings acquired GetMyBoat, a boat rental company. The acquisition is a part of the former company's $21 million funding round and after the acquisition as well, GetMyBoat will be operating as separate entity.

In July 2021, Rental boat app GetMyBoat was looking for Iowa ‘captains.’ GetMyBoat started establishing a presence in Iowa by adding boat options on lakes around the state, including Iowa City, Monticello, and Okoboji, and at vacation spots such as Lake of the Ozarks in Missouri.

In August 2020, Click&Boat acquires Nautal, a main competitor in the boat rental market of Europe. The company now has a dominating position in the international boat rental sector. With this acquisition, the group aimed to reach USD 115 Million in 2021.

Boat Sizes Covered:
• Up to 20 Feet
• 21 To 35 Feet
• Above 36 To 50 Feet

Technologies Covered:
• Assistance Systems
• Connected Systems
• Fleet Management
• Monitoring Systems
• Service & Maintenance
• Other Technologies

Propulsion Types Covered:
• Fuel-powered Boats
• Sail Boats
• Electric Boats
• Other Propulsion Types

Boat Classes Covered:
• Entry
• Sports
• Luxury

Business Models Covered:
• Day Cruise
• Charter
• Tour
• Lux Charter
• Peer to Peer (P2P)
• Event/ B2B
• Lux Day Cruise

Power Sources Covered:
• Electric
• Internal Combustion Engine

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements